OPEC Plans Send Oil Prices Lower as Gas Prices Rise

OPEC Plans Send Oil Prices Lower as Gas Prices Rise

Plans by OPEC to raise oil output sent crude prices slightly lower on Monday, while natural gas jumped more than 4%. Oklahoma analysts say the shift could influence local producers heading into winter.

OPEC Meeting Sends Mixed Signals

Investor optimism over a possible U.S.–China trade deal faded as reports spread that eight OPEC+ nations plan to meet Sunday. The meeting will focus on a modest increase in oil production beginning in December. Traders had hoped continued restraint from OPEC might tighten supplies and boost prices, but the news dampened those expectations.

As a result, U.S. West Texas Intermediate crude futures fell 9 cents, or 0.2%, settling at $61.41 per barrel on the New York Mercantile Exchange. The drop was small but marked a pause after last week’s gains that had pushed prices above the $60 mark.

Brent crude futures also moved lower, down 26 cents—or nearly 0.4%—to $65.68 per barrel by 11:30 a.m. ET (1538 GMT). Analysts said investors were reacting cautiously, awaiting confirmation of the proposed output hike.

Natural Gas Prices Surge Over 4%

In contrast, U.S. natural gas prices rose sharply. Contracts for December delivery climbed $0.134, closing at $3.438 per MMBtu, a gain of 4.06%. The rise came as colder weather forecasts pointed to stronger seasonal demand and tighter inventories across several U.S. regions.

Market watchers in Oklahoma noted that higher gas prices could provide a boost to state producers, especially those balancing mixed returns from oil production. Some regional energy firms continue adjusting drilling strategies as global prices remain volatile.

Trade Talks Influence Energy Markets

Over the weekend, Treasury Secretary Scott Bessent said the U.S. and China had agreed on what he called a “substantial framework” for a trade deal. The agreement aims to prevent 100% U.S. tariffs on Chinese goods, which had threatened to further slow global economic growth.

However, with OPEC’s production increase on the horizon, some traders worry any gains from improved trade relations could be offset by higher global supply. For Oklahoma producers, the balancing act between output and pricing remains key as winter demand begins to shape the market outlook.

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